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2016-10-11 06:56:08

CMI

Cummins

$128.17

-0.27 (-0.21%)

06:56

10/11/16

10/11

06:56

10/11/16

06:56

Cummins upgraded to Conviction Buy from Neutral at Goldman

Goldman analyst Jerry Revich upgraded CMI to Conviction Buy from Neutral saying he expects structurally higher margins in this cycle. The analyst said key end markets are bottoming, margins are well above prior cycle trough, and sees further upside to margin expectations driven by the Power Systems restructuring. Revich raised Cummins' price target to $162 from $134 based on mid-cycle valuation and the catalyst of new electronic logging standards that suggest potential US and international truck demand should begin to normalize.

CMICummins

$128.17

-0.27 (-0.21%)

09/06/16

DBAB

09/06/16INITIATIONTarget $111DBABSell

Cummins initiated with a Sell at Deutsche Bank

Target $111.

09/06/16

DBAB

09/06/16INITIATIONDBAB

Deutsche Bank starts U.S. Machinery group with 'cautious view'

Deutsche Bank analysts Nicole DeBlase, Saree Boroditsky, and Kevin Marek initiated the U.S. Machinery group with a "cautious view." While the analysts see the natural resource markets as having bottomed, they also only expect "low-single digit industry organic growth through 2020." The team's top pick is Caterpillar (CAT), and they are also positive on Oshkosh Corp (OSK) and Wabtec (WAB), all of which are Buy rated, but are negative on CNH Industrial (CNHI) and Cummins (CMI), which are Sell rated.

09/07/16

09/07/16INITIATION

On The Fly: Top analyst initiations

Catch up on today's top analyst initiations with this list compiled by The Fly: 1. Navistar (NAV) initiated with a Hold at Deutsche Bank. 2. Barrick Gold (ABX) initiated with a Sell at Berenberg while the firm initiated Randgold (GOLD), Kinross Gold (KGC), and Goldcorp (GG) with a Hold. 3. 3. After the close on Tuesday, Deutsche Bank analysts Nicole DeBlase, Saree Boroditsky, and Kevin Marek initiated the U.S. Machinery group with a "cautious view." Oshkosh (OSK), Caterpillar (CAT), and Wabtec (WAB) were initiated with Buy ratings at Deutsche Bank, while the firm initiated Cummins (CMI) and CNH Industrial (CNHI) with Sell ratings. The firm also initiated Deere (DE), AGCO (AGCO), Terex (TEX), PACCAR (PCAR), WABCO (WBC), and United Rentals (URI) with Hold ratings. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.

09/30/16

LYON

09/30/16INITIATIONTarget $150LYONBuy

Cummins initiated with a Buy at CLSA

CLSA analyst Kristine Kubacki initiated Cummins with a Buy and a $150 price target. The analyst Cummins is nearing deep trough levels in many of its end markets and expects a recovery in major North American and industrial end markets in 2018.

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